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Albany, New York, June 17, 2019 (GLOBE NEWSWIRE) -- The oil and gas pipeline leak detection equipment market features a largely consolidative vendor landscape, TMR estimates. The top three companies such as Honeywell International Inc., Siemens AG, and Schneider Electric SE collectively accounted for the 35% share of revenue of the oil and gas pipeline leak detection equipment market in 2015. These players are increasingly entering into mergers and acquisitions, collaborations, and partnerships in order to sustain the market growth. Such strategies are further increasing consolidation in the market. Additionally, these players are capitalizing for product innovations for bagging the large global contracts in the oil and gas industry. Some of the other important players in the oil and gas pipeline leak detection equipment market include KROHNE Messtechnik GmbH, Perma-Pipe Inc., TTK-Liquid Leak Detection Systems, FLIR Systems Inc., and PSI AG.
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North America to be Dominant in the Coming Years
The strong presence of these companies in the developed region such as North America is helping the region to dominate the global oil and gas pipeline leak detection equipment market. Additionally, the extensive network of pipelines in the region has led the market to achieve a value of 40% of the overall revenue in 2015, of which, the U.S. was a leading contributor. Tailed by North America, Europe accounted for the second largest share in the global oil and gas pipeline leak detection equipment market in 2015. This is attributable to a large number of planned projects in the region coupled with rising attention toward the safety of the oil and gas plants as well as surroundings to evade mishaps.
The rising awareness about the environment and increasing implication of the rules and regulation on the oil and gas leakage are primarily driving growth of the global oil and gas pipeline leak detection equipment market. Incidences of offshore oil and gas leakage such as Piper Alpha Platform, Alexander L. Kielland Drilling Rig, and Seacrest Drillship resulted in a number of deaths and grave harm to the aquatic environment. In order to avoid such incidences in the future, the oil and gas companies have adopted the use of quality oil and gas pipeline leak detection equipment.
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Additionally, numerous governments are increasingly making it mandatory to employ the equipment for ensuring the safety of surrounding the oil and gas industries. These are some of the prominent points acting as key factors for propelling growth of the oil and gas pipeline leak detection equipment market. Thanks to these initiatives, the oil and gas pipeline leak detection equipment market are estimated to expand at a CAGR of 6.8% over the forecast period from 2016 to 2024. With this growth rate, the market is anticipated to be worth US$3.65 bn by 2024 from the value accumulated in 2015 of US$2.02 bn.
Rising Need for Fuel and Energy Boosts Market Growth
With rising need for fuel and energy globally and from the developing countries, the exploration of oil and gas is continuously increasing. This results in expansion of the oil and gas industries globally. Increasing planned projects for production expansion are augmenting the requirement of oil and gas pipeline leak detection equipment and in turn, is benefiting the oil and gas pipeline leak detection equipment market growth.
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However, the oil and gas pipeline leak detection equipment market is witnessing challenges from the volatile oil process and reduced permissions for the new pipeline projects. Additionally, the sudden price drop in oil from 2015 has lowered the new pipeline construction, which in turn is posing as a challenge to the market growth. Nevertheless, the initiation of the pipeline projects planned in 2015 that would be more than 100,000 miles of pipelines, which is expected to provide lucrative opportunities in the global oil and gas pipeline leak detection equipment market for growth and to overcome from the challenges. Moreover, technological advancements in the pipeline leak detection systems that are designed to improve the safety and integrity of the pipelines are estimated to benefit the oil and gas pipeline leak detection equipment market’s growth in the coming years.
This information is encompassed in the report by TMR, titled, “Oil and Gas Pipeline Leak Detection Equipment Market (Technology - Mass-Volume Balance, Acoustic/Ultrasonic, Fiber Optics, and Vapor Sensing; Location - Onshore and Offshore; Equipment Type - Flowmeters, Acoustic Sensors, and Cable Sensors) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
For the study, the oil and gas pipeline leak detection equipment market has been segmented as follows:
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